M&A
confidence high
sentiment positive
materiality 0.55
First Northern Bancorp to acquire three Columbia Bank branches in Northern California for ~$128M in deposits
FIRST NORTHERN COMMUNITY BANCORP
- Consideration is 3.15% of average deposits over 30 days plus net book value of assets; ~$128M deposits and ~$4M loans as of Nov 3, 2022.
- Branch divestiture required by DOJ to satisfy conditions for Columbia Bank's pending merger with Umpqua Holdings.
- Transaction expected to close in Q1 2023, subject to regulatory approvals and consummation of Columbia-Umpqua merger.
- All employees of the three branches will be retained by First Northern and branches remain in operation.